Bank stock selling below book value, with enough excess capital to buy back every share of the stock, and just waiting for the regulator to remove a memorandum of understanding that restricts them from buybacks or dividends. Studies have shown that the average multiple for a sale of a demutualized bank is 1.6XBV, so whenever the MOU is lifted and TFSL management is allowed to do whatever they want, I think we'll see this stock go up by at least 50% over the next couple of years.

Quite an interesting concept, based upon its incredibly low Price to Book of only 0.6 or so. Pair this up with the company's potential to reinstate its dividend upon pending approval and its ability to buy back HUGE chunks of shares and I am willing to take a flyer.

My very first attempt at not only a mutualization play, but a special situation trade in general, so here goes. 1-3 years.